With the development of the public network and the growing adoption of blockchain technology, public networks initiated by crypto exchanges are gaining more and more attention. Relying on the advantages of the advanced technology team of the exchange, the public network of the exchange is clearly different from the rest. The KuCoin Community Network (KCC) has been in existence for over a year. What is the value of KCC as a community-driven network of the well-known KuCoin exchange?
An in-depth look at the KuCoin Community Network (KCC)
June 16, 2021 KuCoin Community Network (KCC), a high-performance decentralized public network based on the EVM, has been officially launched by the KCS community. It aims to solve the low performance and high cost problems of many public networks. It provides users with a secure and stable decentralized experience.
As the public network of KuCoin, KCC plays a critical role in the entire KCS ecosystem. On March 29, 2022, KCC, together with the KCS Management Foundation and KuCoin, released the KCS White Paper. The white paper states that KCC is key to the ongoing development of the KCS ecosystem, as KCC is a fundamental infrastructure. Since the release of the white paper, the public has also seen a closer connection between KCC and KuCoin. Not only do they often appear together at major events, KuCoin Labs and KuCoin Ventures have also invested and incubated several projects on KCC, including Torches Finance, MojitoSwap, BitKeep, Idle Stoneage, Klein Finance, and xHashtag. Meanwhile, KuCoin has listed several KCC projects such as MojitoSwap, OpenLeverage, CoolMining, Pikaster, etc. MojitoSwap and OpenLeverage are also in the top 2 of the KCC Unicorn Contest. It provides a clearer development path for KCC projects.
Therefore, 2021 is more like a groundbreaking phase for KCC. And since 2022, the KCS ecosystem has been increasingly supporting KCC. KCC now acts as a bridge connecting the decentralization and centralization of KuCoin. With continuous development, both are expected to become a one-stop service entry to the world of the metaverse.
Can you find your favorite projects there? 👀
Over 60+ projects on #KCCEecosystem already🥳
Looking forward to future growth🔥🔥🔥 pic.twitter.com/BTT6u38zmR
— Official KuCoin Community Network (KCC) (@KCCOfficialTW) July 6, 2022
The KCC has also taken many steps to make the network more democratic and further improve the governance of the DAO. On October 21, 2021, the KCC GoDAO Foundation was established. GoDAO gives everyone an equal opportunity to join the community and gives them the right to vote on important decisions. As the KCC ecosystem continues to evolve, KCC will delegate authority to KCS holders and participants, enabling them to manage and maintain themselves, and build a more efficient, self-contained, and community-driven KCS ecosystem.
In addition, the KCC allowed the KCC validator election to be held on June 16, 2022 to further improve the stability and decentralization of the KCC ecosystem. The election of the KCC validator does not limit the number of participants. Organizations or users can apply and become candidates. Active KCC validators are candidate nodes with management rights. They powered the blockchain network by processing transactions and signing blocks. Active validators can earn income from KCC gas fees. KCC Validator Election will dynamically select 29 nodes to become active validators based on the number of KCS supplied by those nodes. Users can select nodes on KCC to stake KCS and share KCC validator block rewards and KCC subsidy rewards. If you are interested in applying for KCC validators, you can send an email to the official KCC email address ([email protected]) to receive the application link and more details.
Overall, KCC Validator Election is the main implementation of the POS mechanism. But besides POS, it gives the current node enough rights. Receiving dividends from gas fees, investors are more willing to hold their KCS. At the same time, since users only voted for validators with a minimum amount of votes in KCS. This further strengthens the desire of investors to keep KUS in an unstable market. On the other hand, it may increase the on-network TVL of the KCC and also reduce the KCS circulation due to blocking, increasing the KCS deficit.
KCC Validator Election not only links the entire KCS ecosystem more closely by adding KCS use cases, but also allows KCS holders to experience the decentralized world at a low cost. You can look forward to expanding the capabilities of KCS in the future.
In addition, KuCoin Ventures’ investment in Torches is evidence of KCC’s commitment to building a robust DeFi infrastructure. Torches reportedly received investment from KuCoin Ventures just 10 days after launch. Then on July 9, Torches entered into a partnership with the KuCoin Wallet. KuCoin Ventures called itself “the discovery of the most revolutionary Web3.0 project.” And Torches, as a lending protocol on KCC, is most likely one of those products.
“Identification and development of high-quality projects in KCC through numerous incentive events is the main goal of KCC this year. For this reason, we announced the $50 million Ecosystem Acceleration Program at the beginning of the year and hosted the KCC Unicorn Contest in the second quarter. We hope to improve the KCC ecosystem in many ways through project incubation, developer rewards, liquidity support, and ecosystem project contests/hackathons. With innovation in blockchain technology, KCC will gradually move from 1.0 to 2.0, and finally reach version 3.0, which is compatible with multiple chains. By promoting the election of validators, the KCC will work with the community to advance the decentralization process and create a community of interest that can benefit both users and protocols. “
Overall, KCC will deeply integrate with KuCoin and the entire KCS ecosystem in the future, promoting multiple incentives and delegation of chain management rights (KCC validator election), as well as building a public exchange network with a focus on decentralization. You can expect the revolutionary DeFi project to come out of the KCC sooner or later.
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